Unit VII Flashcards Chapter 10.

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Presentation transcript:

Unit VII Flashcards Chapter 10

Accelerated depreciation method #1 Accelerated depreciation method Review A depreciation method that expenses more of the asset’s cost near the start of its useful life and less at the end of its useful life. MARK FOR REVIEW SHOW NEXT

Double-declining-balance method #2 Review An accelerated depreciation method that computes annual depreciation by multiplying the depreciable asset’s decreasing book value by a constant percent that is two times the straight-line depreciation rate. MARK FOR REVIEW SHOW NEXT

Amortization Review #3 SHOW NEXT The process by which businesses spread the allocation of an intangible asset’s cost over its useful life. MARK FOR REVIEW SHOW NEXT

Capital expenditure Review #4 SHOW NEXT An expenditure that increases the capacity or efficiency of a plant asset or extends its useful life. Capital expenditures are debited to an asset account. MARK FOR REVIEW SHOW NEXT

Copyright Review #5 Exclusive right to reproduce and sell a book, musical composition, film, other work of art or intellectual property. MARK FOR REVIEW SHOW NEXT

Depletion Review #6 SHOW NEXT The process by which businesses spread the allocation of a natural resource’s cost over its usage. MARK FOR REVIEW SHOW NEXT

Depreciable cost Review #7 The cost of a plant asset minus its estimated residual value. MARK FOR REVIEW SHOW NEXT

Review The process by which businesses #8 Depreciation Review The process by which businesses spread the allocation of a plant asset’s cost over its useful life. MARK FOR REVIEW SHOW NEXT

Review #9 Intangible asset SHOW NEXT An asset with no physical form that is valuable because of the special rights it carries. MARK FOR REVIEW SHOW NEXT

Modified Accelerated Cost Recovery System (MACRS) #10 Modified Accelerated Cost Recovery System (MACRS) Review A depreciation method that is used for tax purposes. MARK FOR REVIEW SHOW NEXT

Relative-market-value method #11 Relative-market-value method Review A method of allocating the total cost (100%) of multiple assets purchased at one time. Total cost is divided among the assets according to their relative market values. MARK FOR REVIEW SHOW NEXT

Review #12 Straight-line method SHOW NEXT A depreciation method that allocates an equal amount of depreciation each year. (Cost − Residual value) / Useful life. MARK FOR REVIEW SHOW NEXT

Reference Miller-Nobles, T. , Mattison, B. , & Matsumura, E. M. (2016) Reference Miller-Nobles, T., Mattison, B., & Matsumura, E. M. (2016). Horngren’s accounting (11th ed.). Upper Saddle River, NJ: Pearson. END REVIEW